The Budget Life insurance is available to individuals over the age of 18 and the policy provides a minimum cover of R50,000.00 to a maximum of R10 million. The funeral benefit on the life insurance policy is up to R50,000.00.
Budget life insurance offers up to 15% cash back if you go 2 years without filing a claim. The plan also offers a 10% cash back if it goes for another unclaimed for 2 years. A further 10% cash back is provided for each subsequent claim-free year.
Budget Life insurance also includes assistance benefits at no extra cost. Benefits include trauma assistance, home assistance, medical assistance, legal assistance, entertainment assistance, and road assistance.
Assist benefits are available to make the insured’s life easier by providing assistance when it is required. Assistance is available both at home and on the road.
Budget Life Insurance offers various types of life insurance coverage. We go over Budget Life insurance in depth below.
Budget Insurance Life Insurance
Budget Insurance Life Insurance offers life insurance products in partnership with 1Life. The partnership has enabled the insurance provider to issue more specialised life insurance benefits to help South Africans get the life covers that they really need.
Budget life insurance has many products that one can choose from. Products can be chosen in combination or singular, therefore, individuals have an opportunity to select a policy that they need by taking advantage of the policy customisation ability.
Budget Life Insurance Plans
Budget Insurance offers numerous life insurance products that target different needs of individuals. The products are diverse and include:
- Budget life basic insurance,
- Elevated life insurance,
- Dread disease insurance,
- Disability insurance,
- Terminal illness cover, and
- Funeral cover
Insurance products are available to any South African between the ages of 18 to 64. The products are discussed below in detail.
Budget Life Basic Insurance
The Budget life basic insurance is available to individuals between the ages of 18 and 64. The product comes with added insurance benefits. Benefits include dread disease cover that covers you should you get diagnosed with a lifestyle changing illness and disability insurance that covers you should you suffer a permanent disability.
Budget Life basic insurance pays out between R50,000.00 to R200,000.00 depending on the cover amount that you have chosen. The beneficiaries of the policy will receive R50,000.00 within two days of submitting a valid claim, which they can put towards funeral expenses. This eases the financial burden that is associated with burial proceedings.
Not only can your beneficiaries benefit from your cover, but you can also benefit from the policy while you are still alive. The cover pays out your entire cover amount should you as a policyholder get diagnosed with a terminal illness. However, payouts are only made to policyholders that are given less than a year to live.
Another advantage of getting the Budget Life Basic Insurance is that there is no waiting period for accidental death so you are covered immediately for accidental death. However, there are two years waiting period for natural death and suicide so you are not covered immediately for natural death and suicide.
Budget Elevated Life Insurance Cover
The Budget Elevated Life Insurance Cover is a life insurance cover that covers the policyholder for death, suicide, disability, and dread disease. The cover is an upgrade from the Budget Life Basic Insurance as it offers payouts of R200,000.00 to R10,000,000.00.
Claims to the cover are attended quickly so that funeral arrangements can run smoothly. Budget insurance pays out R50,000.00 within two days of submitting a valid claim with the money put towards funeral expenses.
If you get diagnosed with a terminal illness as a policyholder you get a full payout. This is done only if you are expected to live for 12 months or less. The cover is valid for life and you can add other insurance benefits in the future such as Guaranteed Assurability which allows you to increase your life cover if your lifestyle changes.
You are covered immediately on the Budget Elevated Life Insurance Cover for natural death and accidental death. Suicide death has a waiting period of two years.
Dread Disease Insurance
The Budget dread disease insurance ensures that the policyholder and his/her family will be provided for, should the policyholder be diagnosed with an illness that results in the policyholder’s inability to provide financially for his/her family.
Dread diseases include illnesses such as cancer, heart transplant, etc. Should you get diagnosed with a dread disease, Budget Insurance will pay a portion of your cover amount from R50,000.00 to R4,000,000.00 immediately after a successful claim.
The Budget disability insurance protects you financially should you become disabled. The policy pays out a lump sum should you become disabled due to an illness or physical injury and you are no longer able to continue working within your job’s requirements.
Budget Insurance offers two types of disability insurance which are Occupation based disablement insurance and event-based disablement insurance. Occupation-based disability insurance pays out if you become disabled and cannot perform your duties or any work that you are suited for.
Event-based disablement insurance is an insurance cover that pays out based on the severity and type of your disability. This cover pays out in percentage meaning a certain portion of your cover is paid out based on the severity of your disability.
Advantages of the Budget Life Insurance
- There are different covers to choose from.
- Standalone cover for dread disease and disability cover are available.
- The insurer provides competitive premiums.
- The Elevated Life Insurance comes with a funeral benefit meaning the policyholder doesn’t need to take out an additional cover for a funeral.
- Life insurance from budget insurance can be bought entirely online.
- Comes with a cash back bonus.
Disadvantages of the Budget Life Insurance
- There is a waiting period for suicide death.
- Death as a result of excessive consumption of alcohol and drugs or radioactive and nuclear explosions are not covered.
Budget Life Insurance is a policy that many are proud of. This insurance is easy to get as it doesn’t require any underwriting except tests for HIV. Also, there are many benefits that you can choose from.